Two private equity firms have co-invested in the remaining oil and gas assets of Provident Energy Trust, as private equity activity in the energy sector continues to show more promise than the rest of the market.

Until last month, Provident, a Calgary-based energy income trust, also owned a 22% interest in BreitBurn Energy Partners itself, plus a 96% interest in BreitBurn General Partners, both of which it sold to the management of BreitBurn Energy Partners for $345m.

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The other was First Reserve Corporation’s $3.7bn purchase of oil rig transport company CHC Helicopter. And buyout firm Riverstone Holdings, alongside with First Reserve, are considering a plan to raise an oil and gas sector fund of more than $12bn, which would be a record.